GST mop-up hits a record in March -Vikas Dhoot
The indirect tax collections were 27% higher than that in March 2020.
The gross GST collections in March hit a record of 1,23,902 crore, the Union Finance Ministry said on Thursday. This is the sixth month in a row that GST revenues have remained above 1 lakh crore.
“The GST collections for March have created a record; it has never been so high. We have crossed the record collections by a good margin,” Revenue Secretary Tarun Bajaj told The Hindu.
The indirect tax collections in March were 27% higher than that in March 2020, with revenues from import of goods 70% more than a year ago, and the revenues from domestic transaction, including import of services, 17% higher.
“GST revenues crossed above 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic,” the Ministry said in a statement, pointing to the 14% growth in revenues in the fourth quarter of 2020-21, compared with a 41% decline in the first lockdown-hit quarter.
Apart from a recovery in the economy, GST collections were also bolstered by closer monitoring against fake-billing, deep data analytics using data from multiple sources, including GST, Income Tax and Customs IT systems, and effective tax administration over the past few months, the Ministry said.
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The Hindu, 2 April, 2021, https://www.thehindu.com/business/Economy/gst-mop-up-hits-a-record-in-march/article34219150.ece?homepage=true